Third party – Goods Carrying Vehicle Insurance

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Total Cover

100% Claim Settlement

No

Documentation

Reasonable

Premium

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Client Testimonials​

a month ago
Beemawala and team is a best Company for take any type of insurance. They support and take care of your claim . Thanks a lot for your support of my claims many times .
a month ago
Really satisfied and happy with the progress in the process Thank you for your service and your support
5 months ago
Best policy provider with many Options & Awasome after Sales services
a year ago
Beemawala team provides professional services with best solution both at corporate and personal level. Always ready to answer any queries related to policy. I am very happy with the service.
a year ago
Shantanu is professional and very prompt in responding to my questions. I’m a repeated client and he’s been supportive throughout. I highly recommend his services. I wish him and his team good luck for future.

What is Third party - Goods Carrying Vehicle Insurance?

Third Party Goods Carrying Vehicle Insurance is a type of insurance coverage designed for commercial vehicles that transport goods. It provides financial protection against legal liabilities arising from third-party bodily injury, property damage, or death caused by the insured vehicle while carrying goods. This policy is essential for businesses that operate trucks, vans, or other vehicles for transporting goods, as it helps them comply with legal requirements and ensures that they are financially covered in case of accidents or mishaps involving their vehicles. It’s important to note that this insurance doesn’t cover damages to the insured vehicle or its cargo, but rather focuses on the liability aspect towards third parties.

⛦ Example Scenario: In Ramesh’s case, the Third Party Goods Carrying Vehicle Insurance would come to his rescue. The insurance covers the legal liabilities arising from the accident, including the damage caused to the person who lost their life and the property damage. This insurance prevents Ramesh from bearing the hefty financial burden alone, providing vital support during such unforeseen incidents. Insurance serves as a safety net, ensuring that Ramesh doesn’t have to face the entire cost on his own.

Coverages of Third party - Goods Carrying Vehicle Insurance

Third-Party Liability Coverage

Third-Party Liability Coverage

Covers legal liabilities for bodily injuries or property damage caused to third parties in an accident involving your car.

Personal Accident (PA) Cover for Passengers

Personal Accident (PA) Cover

Compensation for injuries or death to the owner/driver of the insured car.

Additional Add-ons OF Third party - Goods Carrying Vehicle Insurance

Legal Liability for Paid Driver

Legal Liability for Paid Driver

Extends coverage to paid drivers for legal liabilities in case of accidents

Legal Liability to Employees

Legal Liability to Employees

Extends coverage to employees injured during accidents.

Legal Liability on Trailer

Covers legal liabilities arising from trailers attached to the insured vehicle.

Personal Accident Cover for Driver

Personal Accident Cover for Driver

Provides personal accident cover for the driver of the insured vehicle.

Factors Determining the Premium of Coverages of Third party - Goods Carrying Vehicle Insurance

Gross Weight Of the Vehicle

Gross Weight Of the Vehicle

The Gross Vehicle Weight Rating (GVWR) is the maximum safe weight of your vehicle, including its curb weight, passengers, fuel, accessories, cargo, and trailer tongue weight.

Fuel Type (CNG / Diesel / Electric)

Fuel Type (CNG / Petrol / Electric)

The type of fuel used in the new affects the premium. The diesel-powered vehicles potentially having different premium rates compared CNG vehicles

Usage of the Vehicle

Usage of the Vehicle

Vehicle used for personal purposes or business purposes may have different premium rates.

Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Goods Carrying Vehicle Insurance

Coverage Own Damage (OD) Cover Third-Party Liability Cover
Definition
Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more.
Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle's involvement in an accident.
Scope of Coverage
Protects your own vehicle against a wide range of perils and damages.
Only covers damages and injuries caused to third parties, not your vehicle.
Premium Determination
Based on factors like vehicle's make, model, IDV, and add-ons chosen.
Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle's engine capacity.
Coverage Extent
Comprehensive coverage for your vehicle, including theft, own damage, and accidents.
Limited to liabilities arising from third-party property damage, injuries, or death.
Add-ons
Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage.
No add-ons are available, as it is a standardized cover as per IRDAI regulations.
Legal Compliance
Optional, but highly recommended for complete protection of your vehicle.
Mandatory by law to drive a vehicle on Indian roads.
Claim Settlement
Applicable for damages to your vehicle, subject to policy terms and conditions.
Covers financial liabilities towards third parties up to the prescribed limits.
Insurance Premium
Can significantly impact the premium amount based on the extent of coverage and chosen add-ons.
Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle's engine capacity.

How to Settle Goods Third party - Goods Carrying Vehicle Insurance Policy Claims?

Inform Authorities

Inform Authorities

In case of an accident involving third parties, inform the local authorities and police.

Submit Required Documents

Collect Details

Gather information about the accident, such as vehicle numbers, contact details of involved parties, and witnesses.

Inform the Insurer

Notify Insurer

 Report the incident to your insurance company as soon as possible. Provide accurate information and documents.

File an FIR (If applicable)

File FIR

If there are injuries or fatalities, file a First Information Report (FIR) at the nearest police station.

Claim Form Submission

Claim Form

Fill out the claim form provided by the insurer. Attach necessary documents, such as policy copy, FIR, driving license, vehicle registration, etc.

Survey and Assessment

Survey Process

The insurer may appoint a surveyor to assess the damage or loss. Cooperate during the survey process.

Document Verification

Document Verification

Ensure all documents are complete and accurate. Any false information may lead to claim rejection.

Claim Settlement

Claim Settlement

If the claim is approved, the insurer will provide a settlement amount based on policy terms and coverage.

Legal Proceedings

Legal Proceedings

In case of legal actions, the insurer may provide legal assistance.

Exclusions of Third party - Goods Carrying Vehicle Insurance Policy

Consequential Loss

Consequential Loss

Insurance may not cover losses that result as a consequence of a covered event, such as financial losses due to missed business opportunities.

Driving Under Influence

Driving Under Influence

Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.

Unauthorized Drivers

Unauthorized Drivers

If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.

Racing or Adventure Activities

Racing or Adventure Activities

Damages occurring during racing, rallies, or adventure sports are typically excluded.

Intentional Damage

Intentional Damage

Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Goods vehiclerying Vehicle Insurance policy.

Wear and Tear

Wear and Tear

Regular wear and tear of the vehicle or mechanical breakdowns are not covered.

Illegal Activities

Illegal Activities

Accidents caused while using the Two Wheeler for illegal purposes may be excluded.

War or Terrorism

War or Terrorism

Damages due to war, war-like situations, or acts of terrorism are generally excluded.

Nuclear Damage

Nuclear Damage

Any damages caused by nuclear activity are not covered.

Expired or Lapsed Policy

Expired or Lapsed Policy

If the policy is expired or lapsed at the time of the incident, there will be no coverage.

Documents Required " for Claim Settlement under Third party - Goods Carrying Vehicle Insurance Policy"

Accident Report Form

Accident Report Form

Duly filled and signed accident report form providing details of the incident.

File an FIR (If applicable)

Police FIR

Copy of the First Information Report (FIR) filed with the police in case of accidents resulting in third-party damage or injury.

Driving License

Copy of Driving License

A valid copy of the driver’s license of the person driving the insured vehicle at the time of the accident.

Vehicle Registration Certificate (RC)

Vehicle Registration Certificate

A copy of the vehicle’s registration certificate (RC) to verify ownership.

Policy Document

Policy Document

 A copy of the valid Third Party Goods Carrying Vehicle Insurance policy.

Proof of Third-Party Injury/Damage

Proof of Third-Party Injury/Damage

Any evidence or documentation proving the extent of injury or damage caused to the third party.

Third Party Details

Third Party Details

Contact information and details of the third party involved in the accident.

Witness Statements

Witness Statements

Statements from witnesses present at the scene of the accident.

Medical Records

Medical Reports

In case of bodily injury, medical reports and bills supporting the claim.

Police Investigation Report (if applicable)

Police Investigation Report

In case the police conducted an investigation, a copy of their findings.

Contact Information for Claim Settlement: related to Third party - Goods Carrying Vehicle Insurance Policy

If Policy Obtained through Agent/Broker

Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.

If Policy Obtained Directly from Insurance Company

Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.

Claim Contact Information for Policy from Beemawala.com

If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.

Frequently Asked Questions: Third party - Goods Carrying Vehicle Insurance Policy

It is a type of insurance that covers the legal liabilities of the vehicle owner towards third-party injury, death, or property damage caused due to the insured vehicle.
Yes, it is legally required in India to have at least Third Party insurance for any motor vehicle.
It covers legal liabilities arising due to third-party injury, death, or property damage caused by your goods carrying vehicle.
No, this policy only covers liabilities towards third parties, not damages to your own vehicle.
Yes, you can add add-ons like Personal Accident cover for occupants, legal liabilities towards paid driver or employees, etc., for extra protection.
You can buy it through insurance companies, agents, or online platforms.
Yes, most insurance companies provide online renewal options.
The premium is regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and is based on factors like vehicle type, engine capacity, and seating capacity.
What is the claim process under Third Party Goods Carrying Vehicle Insurance?
You need to inform the insurer about the accident, provide required documents, and they will handle the claim settlement with the third party.
Fleet insurance covers multiple vehicles under a single policy, often offering cost savings and streamlined administration.
Yes, different types of vehicles, such as trucks, buses, or taxis, may require specialized insurance coverage.
Yes, the policy can be transferred to the new owner upon vehicle sale.
Non-owned auto coverage protects your business when employees use their personal vehicles for company purposes.
It is typically valid for one year and needs to be renewed annually.
No, this policy is generally offered for a one-year term.
Yes, you can buy it regardless of the usage, as long as it’s a goods-carrying vehicle.
Yes, the insurance company typically provides legal assistance in case of third-party claims.
You can save money by maintaining a good driving record, bundling insurance policies, selecting appropriate coverage limits, and comparing quotes.

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